Financials Huafu Fashion Co., Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 23:00:00 28/04/2024 BST			5-day change	1st Jan Change
4.85 ^CNY	+6.36%		+22.78%	+12.79%

04-26	Huafu Fashion Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
04-26	Huafu Fashion Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	10,543	6,347	7,772	5,147	7,050	7,952	-
Enterprise Value (EV) ¹	17,370	13,016	13,966	11,159	12,640	11,469	11,498
P/E ratio	27.2 x	-14.4 x	12 x	-14.5 x	108 x	16.9 x	13 x
Yield	1.92%	-	3.94%	5.9%	-	3.03%	3.87%
Capitalization / Revenue	0.66 x	0.45 x	0.47 x	0.36 x	0.52 x	0.48 x	0.44 x
EV / Revenue	1.09 x	0.91 x	0.84 x	0.77 x	0.93 x	0.69 x	0.64 x
EV / EBITDA	17.7 x	195 x	11.2 x	61.3 x	18.7 x	8.32 x	7.28 x
EV / FCF	15.5 x	4,650 x	63.8 x	16.4 x	-	14.6 x	33.1 x
FCF Yield	6.44%	0.02%	1.57%	6.1%	-	6.83%	3.02%
Price to Book	1.77 x	1.2 x	1.11 x	0.82 x	1.19 x	1.18 x	1.09 x
Nbr of stocks (in thousands)	1,436,394	1,426,403	1,700,681	1,687,657	1,639,606	1,639,606	-
Reference price ²	7.340	4.450	4.570	3.050	4.300	4.850	4.850
Announcement Date	14/04/20	11/04/21	27/04/22	28/04/23	27/04/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	15,887	14,232	16,708	14,460	13,663	16,678	17,902
EBITDA ¹	978.7	66.83	1,245	182.1	677.2	1,379	1,580
EBIT ¹	443.9	-476.8	681.3	-397.2	107.6	599.7	791.8
Operating Margin	2.79%	-3.35%	4.08%	-2.75%	0.79%	3.6%	4.42%
Earnings before Tax (EBT) ¹	452.2	-473.9	693.1	-387.2	118.6	557.9	724.5
Net income ¹	402.3	-444.2	569.7	-351	66.78	487.5	636.3
Net margin	2.53%	-3.12%	3.41%	-2.43%	0.49%	2.92%	3.55%
EPS ²	0.2700	-0.3100	0.3800	-0.2100	0.0400	0.2871	0.3729
Free Cash Flow ¹	1,118	2.799	219	681	-	783	347
FCF margin	7.04%	0.02%	1.31%	4.71%	-	4.69%	1.94%
FCF Conversion (EBITDA)	114.24%	4.19%	17.59%	373.89%	-	56.8%	21.96%
FCF Conversion (Net income)	277.92%	-	38.44%	-	-	160.62%	54.54%
Dividend per Share ²	0.1410	-	0.1800	0.1800	-	0.1471	0.1879
Announcement Date	14/04/20	11/04/21	27/04/22	28/04/23	27/04/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	6,826	6,668	6,194	6,012	5,590	3,517	3,546
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.975 x	99.78 x	4.974 x	33.01 x	8.254 x	2.551 x	2.244 x
Free Cash Flow ¹	1,118	2.8	219	681	-	783	347
ROE (net income / shareholders' equity)	6.07%	-7.09%	9.21%	-5.14%	1.07%	6.93%	8.36%
ROA (Net income/ Total Assets)	2.19%	-2.47%	3.02%	-1.83%	-	2.65%	3.19%
Assets ¹	18,399	17,970	18,874	19,141	-	18,386	19,925
Book Value Per Share ²	4.150	3.700	4.120	3.700	3.620	4.120	4.460
Cash Flow per Share ²	-	0.5500	0.4200	0.5300	0.5000	-0.4300	1.560
Capex ¹	681	826	501	212	498	625	625
Capex / Sales	4.29%	5.8%	3%	1.47%	3.65%	3.75%	3.49%
Announcement Date	14/04/20	11/04/21	27/04/22	28/04/23	27/04/24	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.85 CNY

Average target price

3.995 CNY

Spread / Average Target

-17.63%

	1st Jan change	Capi.
HUAFU FASHION CO., LTD.	+12.79%	1.03B
CHINA JUSHI CO., LTD.	+22.28%	6.58B
VARDHMAN TEXTILES LIMITED	+17.14%	1.56B
ZHEJIANG TAIHUA NEW MATERIAL CO.,LTD	-8.14%	1.19B
BROS EASTERN.,LTD	+18.07%	1.15B
TAINAN SPINNING CO., LTD.	+27.53%	1.01B
ZHEJIANG XINAO TEXTILES INC.	+4.92%	740M
THE JAPAN WOOL TEXTILE CO., LTD.	+1.27%	588M
ZHEWEN PICTURES GROUP CO.,LTD	-16.24%	553M
TEXHONG INTERNATIONAL GROUP LIMITED	-0.68%	504M